American EV giant Tesla became a mouthpiece of controversies after an astonishing decision but its CEO Elon Musk to take the company private.

Soon after the announcement in the following release, Musk hinted at the major reason to take such a decision. However, proceedings of the agreement were still unclear between Tesla and the Saudi Arabian Sovereign Wealth Fund.

However, in a rather surprising turn of events, Musk in his latest blog has pulled a 180 after stating that the company would remain public.

In the blog, Musk explained that, after a brief discussion with his institutional shareholders and retail investors, it was decided that it considering its current path, it would be best for the company to remain public

In the blog, Musk explained that, after a brief discussion with his institutional shareholders and retail investors, it was decided that it considering its current path, it would be best for the company to remain public.

During the discussion, the institutional shareholders doubted the limit to which they would be able to invest in the company and that retail investors to own shares if at all the company went private.

Not so long ago, reports also suggested that the Saudi Arabian Sovereign Wealth Fund had intentions of investing in Tesla rival Lucid Motors

Considering the current course of action, Musk stated that the process of going private would be challenging and that it would be even more time to consume than initially anticipated. Additionally, he also stated that the transition would have hindered the production of model 3s.

Not so long ago, reports also suggested that the Saudi Arabian Sovereign Wealth Fund had intentions of investing in Tesla rival Lucid Motors. However, no such mentions were made in his latest post.

The article was adapted from an article at Nikkei Asian Review, which you can find here.